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Nasdaq tanks 5% in October as tech bloodbath deepens
The Nasdaq Composite fell 2.86% to 25,437 points on Friday, its worst day since June, after Intel's weak third-quarter results. Intel closed 29.38% lower, and peers Sandisk and Qualcomm fell 13.42% and 11.12%. The index dropped 5.30% in October.
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What happened
The Nasdaq Composite fell 2.86% to 25,437 points on Friday, its worst day since June, after Intel's weak third-quarter results. Intel closed 29.38% lower, and peers Sandisk and Qualcomm fell 13.42% and 11.12%. The index dropped 5.30% in October.
Confirmed
Global impact / market context
Intel's weak guidance hit chipmakers hardest, showing how quickly disappointing sales forecasts can spread losses across a crowded technology sector. Because technology carries heavy weight in the Nasdaq, broad falls there can reduce portfolio values for ordinary investors and make companies more cautious about spending.
Analyst inference
October was volatile: the Nasdaq hit record highs early, then fell in 11 of 21 trading sessions. Investors weighed rising AI capital spending against the Federal Reserve's softer stance on interest rates. Late-month results from Alphabet and Amazon deepened tech selling, while some health and software shares gained.
Analyst inference
What to watch
- Intel fell sharply in October, alongside large declines in Sandisk and CoreWeave, showing that weak results can hit chip and AI-related share prices hard. Confirmed
- Watch whether companies trim planned AI capital spending, which is money set aside for long-term projects, because cuts could lower future revenue for chipmakers and data-center suppliers. Proposed
- Investors may shift money from crowded technology shares toward steadier sectors such as healthcare, where Regeneron and GE HealthCare gained, if earnings disappoint again. Analyst inference
Affected assets
- OP — Optimism